Hesai CEO on Earnings, European OEM Partnership
Hesai Technology CEO David Li confirmed that the company has entered into a partnership with a major European firm, but did not go into specifics. US-listed shares of Hesai, which manufactures Lidar sensors for driver assistance systems, earlier surged on a report that Mercedes-Benz will develop smart cars using its technology. Li also spoke to "Bloomberg: The China Show" about the company's latest results and the impact of a US Pentagon blacklisting. (Source: Bloomberg)
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What UK's Strategic Defense Review means for Ukraine
British Prime Minister Keir Starmer announced on June 2 that the United Kingdom is moving to "warfighting readiness," in large part in response to the full-scale invasion of Ukraine and the threat Russia poses to Europe. He made the comment as his government unveiled its latest Strategic Defense Review, which U.K. General Richard Barrons, one of the review's authors, described as the "most profound" change in U.K. defense in 150 years. The review sets out ambitious new targets, including at least 12 new attack submarines, fleets of drones and autonomous vehicles, as well as 7,000 new long-range weapons. Yet it also comes with urgent warnings. The review reveals that the U.K.'s Armed Forces are currently unprepared to fight adversaries such as Russia or China, nor could they conduct high-intensity warfare in a war like that in Ukraine. Insufficient munition stockpiles, low troop numbers, and ageing equipment are just a few of the weaknesses underpinning its assessment. "The speed of development in Ukraine is so far ahead of what countries like the U.K. is capable of." But as well as committing to bolstering its own defense capabilities, the U.K. must also manage the commitments already made to Kyiv, which it has vowed to support with a "100-year partnership." The U.K. has been one of Kyiv's closest supporters since the start of the full-scale invasion, and the review reiterates long-term support for Ukraine, committing 3 billion pounds ($4.06 billion) annually in military aid. "The bottom line is that all of this is about defending the U.K. after the conflict moves on from Ukraine primarily," Keir Giles, a senior consulting fellow at Chatham House, a U.K.-based think tank, told the Kyiv Independent. "Whether it's positive, negative, or catastrophic, either way, that's when the U.K. and its allies need to be ready for Russia's next move." The U.K. wants to create a more flexible procurement process, as demonstrated by that developed by Ukraine throughout the full-scale invasion, a dynamic it says would be vital should the U.K. deploy troops in support of a ceasefire. The review urges deeper defense industrial collaboration, including joint ventures and helping Ukraine access global markets, as well as rebuilding and sustaining its defense sector. This could include helping Ukraine service Soviet-era equipment still used abroad. The U.K. also aims to learn from Ukraine's experience in modern warfare, particularly in land combat, drones, and hybrid threats. However, the review highlights challenges — U.K. stockpiles of weapons such as Storm Shadow long-range missiles have been depleted through its support to Ukraine, and years of underinvestment have weakened domestic defense capacity. The U.K. has announced that it will build six new munition factories. This indicates a significant attempt to address one of the key criticisms of European defense, which is its lack of industrial base and reliance on U.S. support. While U.K. Defense Secretary John Healey has said that "we should expect to see new factories opening very soon," it is not clear how quickly this will translate into meaningful battlefield assistance for Ukraine's Armed Forces. "The speed of development in Ukraine is so far ahead of what countries like the U.K. are capable of, the best-case outcome for Ukraine would just be sending the money there to build stuff," Giles said. When asked how Ukraine could be best supported outside of the recommendations in the review, Giles said the "maximum support" should be given to Ukraine, without the hesitancy about doing damage to Russia." We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Time Business News
an hour ago
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A Perfect Wedding Day in Dublin with Compton Chauffeurs
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Stock market today: S&P 500, Dow, Nasdaq edge higher as US and China reboot trade talks
US stocks edged higher on Monday as investors looked to renewed US-China trade talks for signs either side is willing to dial down tensions and reach a tariff deal. The S&P 500 (^GSPC) rose 0.2% after the benchmark edged above 6,000 to notch its highest close since February. The Dow Jones Industrial Average (^DJI) was roughly flat, while the tech-heavy Nasdaq Composite (^IXIC) drifted up 0.5%. The focus is on high-level US-China trade talks that began in London on Monday, after a phone call between President Trump and Chinese President Xi last week. Read more: The latest on Trump's tariffs The stakes are high amid warnings that tariff barriers will harm economies worldwide — the US in particular. Investors are looking for a revival of the momentum shown in the Geneva pact in mid-May. Relations have soured since then, with the US and China accusing each other of not keeping to the trade truce and ratcheting up pressures in other areas. For now, markets appear to have shaken off the volatility that has plagued markets following Trump's early-April tariff hikes. Stocks ended last week on a high note, as encouraging jobs data helped ease fears of a recession fueled by his policy overhaul. The economic highlight this week is May US consumer inflation print due on Friday, with the wholesale inflation report ushering it in on Thursday. On the corporate front, Apple (AAPL) kicks off its big annual WWDC developers conference on Monday. Wall Street is watching for more insight into the company's AI plans, though not on the lines of last year's splashy announcements. Meanwhile, investors are keeping a wary eye on escalating tensions in Los Angeles after Trump sent in the National Guard to deal with anti-deportation protests. Yahoo Finance's Pras Subramanian reports: Tesla (TSLA) stock recovered from early session losses to start a big week for the automaker, with its highly anticipated robotaxi test set to begin on June 12 in Austin, Texas. The stock movement comes after the fallout between CEO Elon Musk and President Trump, which does not show any signs of improving, at least for now. Last week, Tesla stock tumbled nearly 15% and saw more than $150 billion in market cap erased after Musk slammed Trump's GOP-backed spending bill, prompting fiery responses from the president and raising concerns over the political risk now tied to the EV maker due to the actions of its chief exec. While Trump allayed some concerns over his relationship with Musk on Friday, over the weekend the President told NBC News he had "no intention" of speaking to Musk in the near future. Read more here. Shares of International Business Machines (IBM) hit all-time highs on Monday, surpassing a market cap of $250 billion for the first time in the company's history. IBM stock is up more than 23% year to date as recent acquisitions have helped the company, once known for computer mainframes, enter the high-growth software and services space. Over the past year, the stock is up roughly 60%. New data from the New York Fed suggests Americans are gaining confidence in the labor market, even as broad uncertainty around trade policy, interest rates, and other unknowns clouds the economic outlook. According to the New York Fed's May 2025 Survey of Consumer Expectations, the perceived chance that the US unemployment rate will rise over the next year fell by 3.3 percentage points to 40.8%. It's a notable drop as the labor force remains mostly stable. But the figure still sits above the 12-month average of 37.7%, suggesting caution hasn't disappeared entirely. Consumers are also feeling a bit more secure in their own roles. The perceived likelihood of losing a job over the next year fell to 14.8%, the lowest level since early this year. At the same time, the expected quit rate, or the probability of voluntarily leaving one's job, nudged slightly higher to 18.3%. Inflation expectations also cooled in May, mirroring the improved outlook in the labor market, just ahead of this Wednesday's Consumer Price Index (CPI) release. Tesla (TSLA) recovered from a 4% drop on Monday, following two analyst downgrades after CEO Elon Musk's public feud with President Trump. Baird has downgraded the stock from Outperform to Neutral, citing excessive optimism surrounding the company's Robotaxi rollout, fading EV tax credits, and the public clash between Musk and Trump, which sent the stock reeling last week. Argus Research also lowered its recommendation to Hold, pointing out the political fallout from Musk's war of words with Trump. The company is reportedly planning to launch its latest robotaxi on Thursday, June 12. Circle's stock (CRCL) surged for a third day in a row on Monday following its blockbuster IPO last week. Shares of the stablecoin issuer gained more than 15% to trade near $122 per share, raising the company's market cap to roughly $24 billion. The move follows gains on Thursday and Friday, when the stock rose as much as 200% shortly after its long-anticipated public market debut. Stocks edged higher on Monday amid hopes that US-China trade talks will ease tariff tensions and eventually lead to a permanent deal between the two leading economies. The S&P 500 (GSPC) rose to just above the flat line, after the broad benchmark closed on Friday at its highest level since February. The Dow Jones Industrial Average (^DJI) gained 0.1%, while the tech-heavy Nasdaq Composite (^IXIC) edged 0.2% higher. High-level trade talks between Beijing and Washington began in London on Monday. This follows a phone call between President Trump and Chinese leader Xi Jinping last week. Apple's annual Worldwide Developers Conference (WWDC) kicks off in Cupertino, Calif., today. While investors may get another taste of artificial intelligence features, including AI-powered Siri, Apple isn't expected to deliver any big announcements. The company will likely showcase new features and designs for iOS, iPadOS, macOS, and watchOS. There's always a chance it will debut a new piece of hardware too. Apple (AAPL) stock rose 0.5% in premarket trading ahead of the event. Read our tech editor's preview of everything to expect from Apple WWDC 2025. Robinhood (HOOD) stock slipped 4% after it didn't make it into the benchmark S&P 500 index as some speculated it might. S&P Dow Jones Indices did not make any changes to S&P 500 membership as part of its quarterly rebalancing. Reuters reports: Read more here. Shares of Warner Bros. Discovery (WBD) rose more than 6% in premarket trading on Monday after the media company said it would split into two companies. Warner Bros. will separate its studios and streaming business, which includes HBO Max, and its cable television networks, including CNN. The split is expected to be completed by mid-2026. Reuters reports: Read more here. Economic data: New York Fed one-year inflation expectations (May); Wholesale trade sales month-over-month (April) Earnings: Casey's (CASY) Here are some of the biggest stories you may have missed overnight and early this morning: All eyes on AI as Apple takes the stage for WWDC A quieter summer is coming for stocks: Wall Street experts Hopes for US-China thaw as trade talks resume Senate GOP to lay out major revisions to Trump's tax bill Resilient economy to limit summer pullback in stocks: MS, Goldman Meta is set to throw billions at startup that leads in AI data China exports to US fall by most since 2020 despite tariff truce Here are some top stocks trending on Yahoo Finance in premarket trading: Robinhood (HOOD) stock fell 5% before the bell on Monday after the S&P Dow Jones Indices made no changes to the S&P 500 in its quarterly rebalancing. Tesla (TSLA) stock also dropped on Monday in premarket trading after CEO Elon Musk criticized President Trump's tax bill. Strategy (MSTR) stock rose on Monday by 2%. A SEC filing revealed the company had purchased 705 bitcoin during the period of May 26 to June 1 at an aggregate purchase price of $75.1M. Wall Street strategists are growing optimistic about US stocks, with forecasters at Morgan Stanley (MS) and Goldman Sachs Group (GS) the latest to suggest resilient economic growth would limit any pullback over the summer. Bloomberg reports: Read more here. Yahoo Finance's Pras Subramanian reports: Tesla (TSLA) stock recovered from early session losses to start a big week for the automaker, with its highly anticipated robotaxi test set to begin on June 12 in Austin, Texas. The stock movement comes after the fallout between CEO Elon Musk and President Trump, which does not show any signs of improving, at least for now. Last week, Tesla stock tumbled nearly 15% and saw more than $150 billion in market cap erased after Musk slammed Trump's GOP-backed spending bill, prompting fiery responses from the president and raising concerns over the political risk now tied to the EV maker due to the actions of its chief exec. While Trump allayed some concerns over his relationship with Musk on Friday, over the weekend the President told NBC News he had "no intention" of speaking to Musk in the near future. Read more here. Shares of International Business Machines (IBM) hit all-time highs on Monday, surpassing a market cap of $250 billion for the first time in the company's history. IBM stock is up more than 23% year to date as recent acquisitions have helped the company, once known for computer mainframes, enter the high-growth software and services space. Over the past year, the stock is up roughly 60%. New data from the New York Fed suggests Americans are gaining confidence in the labor market, even as broad uncertainty around trade policy, interest rates, and other unknowns clouds the economic outlook. According to the New York Fed's May 2025 Survey of Consumer Expectations, the perceived chance that the US unemployment rate will rise over the next year fell by 3.3 percentage points to 40.8%. It's a notable drop as the labor force remains mostly stable. But the figure still sits above the 12-month average of 37.7%, suggesting caution hasn't disappeared entirely. Consumers are also feeling a bit more secure in their own roles. The perceived likelihood of losing a job over the next year fell to 14.8%, the lowest level since early this year. At the same time, the expected quit rate, or the probability of voluntarily leaving one's job, nudged slightly higher to 18.3%. Inflation expectations also cooled in May, mirroring the improved outlook in the labor market, just ahead of this Wednesday's Consumer Price Index (CPI) release. Tesla (TSLA) recovered from a 4% drop on Monday, following two analyst downgrades after CEO Elon Musk's public feud with President Trump. Baird has downgraded the stock from Outperform to Neutral, citing excessive optimism surrounding the company's Robotaxi rollout, fading EV tax credits, and the public clash between Musk and Trump, which sent the stock reeling last week. Argus Research also lowered its recommendation to Hold, pointing out the political fallout from Musk's war of words with Trump. The company is reportedly planning to launch its latest robotaxi on Thursday, June 12. Circle's stock (CRCL) surged for a third day in a row on Monday following its blockbuster IPO last week. Shares of the stablecoin issuer gained more than 15% to trade near $122 per share, raising the company's market cap to roughly $24 billion. The move follows gains on Thursday and Friday, when the stock rose as much as 200% shortly after its long-anticipated public market debut. Stocks edged higher on Monday amid hopes that US-China trade talks will ease tariff tensions and eventually lead to a permanent deal between the two leading economies. The S&P 500 (GSPC) rose to just above the flat line, after the broad benchmark closed on Friday at its highest level since February. The Dow Jones Industrial Average (^DJI) gained 0.1%, while the tech-heavy Nasdaq Composite (^IXIC) edged 0.2% higher. High-level trade talks between Beijing and Washington began in London on Monday. This follows a phone call between President Trump and Chinese leader Xi Jinping last week. Apple's annual Worldwide Developers Conference (WWDC) kicks off in Cupertino, Calif., today. While investors may get another taste of artificial intelligence features, including AI-powered Siri, Apple isn't expected to deliver any big announcements. The company will likely showcase new features and designs for iOS, iPadOS, macOS, and watchOS. There's always a chance it will debut a new piece of hardware too. Apple (AAPL) stock rose 0.5% in premarket trading ahead of the event. Read our tech editor's preview of everything to expect from Apple WWDC 2025. Robinhood (HOOD) stock slipped 4% after it didn't make it into the benchmark S&P 500 index as some speculated it might. S&P Dow Jones Indices did not make any changes to S&P 500 membership as part of its quarterly rebalancing. Reuters reports: Read more here. Shares of Warner Bros. Discovery (WBD) rose more than 6% in premarket trading on Monday after the media company said it would split into two companies. Warner Bros. will separate its studios and streaming business, which includes HBO Max, and its cable television networks, including CNN. The split is expected to be completed by mid-2026. Reuters reports: Read more here. Economic data: New York Fed one-year inflation expectations (May); Wholesale trade sales month-over-month (April) Earnings: Casey's (CASY) Here are some of the biggest stories you may have missed overnight and early this morning: All eyes on AI as Apple takes the stage for WWDC A quieter summer is coming for stocks: Wall Street experts Hopes for US-China thaw as trade talks resume Senate GOP to lay out major revisions to Trump's tax bill Resilient economy to limit summer pullback in stocks: MS, Goldman Meta is set to throw billions at startup that leads in AI data China exports to US fall by most since 2020 despite tariff truce Here are some top stocks trending on Yahoo Finance in premarket trading: Robinhood (HOOD) stock fell 5% before the bell on Monday after the S&P Dow Jones Indices made no changes to the S&P 500 in its quarterly rebalancing. Tesla (TSLA) stock also dropped on Monday in premarket trading after CEO Elon Musk criticized President Trump's tax bill. Strategy (MSTR) stock rose on Monday by 2%. A SEC filing revealed the company had purchased 705 bitcoin during the period of May 26 to June 1 at an aggregate purchase price of $75.1M. Wall Street strategists are growing optimistic about US stocks, with forecasters at Morgan Stanley (MS) and Goldman Sachs Group (GS) the latest to suggest resilient economic growth would limit any pullback over the summer. Bloomberg reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
